Broker Reports

"Yesterday’s Jambreiro pilot plant testwork provides a nice follow-on to 2Q24 bench scale testing, seeing improved average metallurgical (89.3% vs 89.1%) and mass (40.3% vs 37.6%) recoveries, and highlighting a finished concentrate squarely in the green steel/DR-EAF market, a structural premium segment. The project works not because it recovers a lot of mass, but because it produces a scarce premium DR product (67.8% Fe, 1.93% SiO2+Al2O3, 0.02% P) at high metallurgical recovery, so most iron value is captured while cheap mining and strong logistics support margins".

"We maintain our speculative buy recommendation and improve our price target from A$0.85 to A$1.15 per share. Our improved price target reflects the impact of a higher nickel price on our spot price valuation component".

The project is now significantly de-risked and optimized with partnership / financing discussions ongoing towards FID in 1H26 and with the exclusion of the high-grade UG we think there is plenty of upside still. Moreover, Jaguar’s refinement reaffirms it has the scale, mine life, and margins to deliver Class 1 nickel in every part of the cycle.

Production in line, with costs lower than expected: Centaurus Metals (CTM-ASX) has published the outcomes of the Jaguar Value Engineering Process (JVEP), aimed at enhancing the July'24 Feasibility Study (FS) economics and de-risking the overall project development pathway for its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil.

Today’s Jambreiro Iron Ore Project news securing priority status is an important development for the company’s secondary asset in Brazil setting them on an accelerated environmental licensing timeline.

Jaguar Nickel Project

Jaguar should get built before anything else: In our view, the study highlights Jaguar
as a standout development opportunity in light of a very thin ASX nickel project pipeline.

Yesterday’s Jambreiro Iron ore project update announcement is not a pivot and very simply presents additional funding optionality for Centaurus (positive for shareholders) 

Centaurus Metals Jaguar Nickel Sulphide Project has once again been listed in the 10 Year Anniversary Edition of Argonaut's Best Undeveloped Projects Book for 2023.

CY22 resource growth a significant beat on expectations

Jaguar Nickel Sulphide Project – Green Nickel Machine

Big surprise, big win, big deposit with 2^nd best EV/decarbonisation macro after lithium